Performance
618,665 barrels produced, sales of 565,397 barrels at an average realised price (net of hedging) of US$94.0 per barrel, generating revenue of US$53.1 million, and with operating expenditure of US$30.8 million. 45,621 barrels of inventory were held for sale at period end, with 45,522 bbls lifted on 5 Jan 2015
Cash
US$43.5 million cash on hand at 31 December 2014. Receipts from sales of US$53.9 million were offset by development and exploration drilling, growth projects to exploit further reserves and reduction of debt
Production
Combined production rate of Maari and Beibu Gulf fields ~3,400 bopd net to Horizon during the period
Cumulative gross oil production since commencement, as at 31 December 2014: Maari field 25.2 million barrels; Beibu Gulf fields 7.1 million barrels
Profit & Loss
EBITDAX of US$43.7 million, up 33.2% from comparable period despite a decline in oil prices, as a result of strong hedging program in place
Profit before tax of US$7.9 million, an increase of 341% to the comparable period
Capex
US$58.7 million capital expenditure was incurred on two successful development wells in PDL 10, two successful exploration wells in China, and the Maari Growth Projects including development wells and workovers of existing facilities
Debt
US$150 million reserves based debt facility drawn to US$110.0 million at 31 December 2014, a reduction of US$9.2 million from 30 June 2014 due to repayments made.
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